Jupiter Wagons Q1 FY27 Results (NSE: JWL)
Signal: Margin pressure
The read
The key inflection is a parent-level recovery without group-level earnings recovery: standalone revenue grew 50.6% and PAT 15.8%, but consolidated EBITDA fell 3.4% and PAT fell 13.6% because subsidiaries lost ₹1,082.05 lakh; Q1FY27 also marks a fourth consecutive quarter of YoY OPM contraction in the recent series, despite the sequential margin improving to 11% from 10%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹670.74 Cr | 46.0% | -14.0% |
| EBIT | ₹55.4 Cr | -8.4% | |
| Net profit | ₹28.25 Cr | -13.6% | |
| EPS | ₹0.66 | -14.3% | |
| EBIT margin | 11% |
P&L walk
Consolidated revenue rose to ₹67,073.54 lakh, +46.0% YoY, but EBITDA fell 3.4% to ₹7,407 lakh and PAT fell 13.6% to ₹2,825.46 lakh because subsidiary losses more than offset the operating recovery; other income contributed 24.1% of PBT.
Segments
The company reports one operating segment, but the consolidated result was materially dragged by subsidiaries: four subsidiaries contributed ₹5,219.22 lakh of revenue and a ₹1,082.05 lakh net loss, while standalone PAT rose 15.8% to ₹3,803.06 lakh.
Key positives
- Standalone revenue reached ₹61,868.85 lakh, +50.6% YoY, while standalone EBITDA rose 14.5% to ₹7,403 lakh and PAT rose 15.8% to ₹3,803.06 lakh.
- Standalone raw-material cost fell to 73.9% of revenue from 79.7% YoY, corresponding to a 540bps gross-margin expansion; the filing does not disclose the precise driver.
- Consolidated revenue recovered 46.0% YoY to ₹67,073.54 lakh, and consolidated EBITDA margin improved sequentially to 11% from 10%.
Key concerns
- Consolidated EBITDA fell 3.4% YoY to ₹7,407 lakh despite 46.0% revenue growth, while EBITDA margin declined to 11% from the prior-year quarter.
- Subsidiary losses of ₹1,082.05 lakh converted a standalone PAT increase of 15.8% into a consolidated PAT decline of 13.6%.
- Consolidated finance costs rose 9.7% YoY to ₹1,748.66 lakh, faster than the standalone finance-cost change of -2.7%.
- Consolidated EPS fell 14.3% to ₹0.66, lagging the 13.6% PAT decline and triggering the PAT-to-EPS quality check.
Earnings quality: includes non-operating other income
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